The ultimate n00b question...

[allinger]

Hi all,

I've been trying to get capital and guts up to get into trading for a while and as most of you know that takes (provided that you're diligent enough) having to go through everything from "Rem's of a stock trader" to every post ever made on T2W... As well as being tempted by all the magical systems available for sale...

Now, what gets me is this (and please - this is not a trolling issue or a post of bitchiness) is anyone getting anything out of the commercial systems? Going back in history - my "tipping point" was a by-chance hit on an article written on a Stanzione something or other. Anyways - his scheme seemed almost too good to be true (as i tried to follow that one up all I got was piccies of boats with some guy on it... And as I know more about doctoring jpg's than trading...)

To the point - is there EVER money to be made in commercial systems (apart from the retailer that is...)? As I've done some history I do know about the Turtles - but those guys where fronted by whats-his-name at a USDmil A PIECE... Is there anyone that knows of a system that OUT OF THE BOX, put in the hands of a COMPLETE N00B with NO TRADING SKILLS WHATSOEVER is able to put in consistent rewards? If so - please let me know... (damn - I might have let myself go trolling after all...)

Br,

/A

 

[Vorbis]

I read up on these a while back.
The gist of what I picked up is that some of them can be profitable in the long run but have a very low rate of return and big drawdowns in the short/intermediate time-frame.
It's a little like roulette (from the point of view of the casino), if you have a system that tips the odds slightly in your favour then you will make money eventually.
The problem is that I don't think they're feasible unless you have a very large starting capital, lots of time to put on thousands of trades, and a lot of patience.

 

[damianoakley]

Hi Allinger,

You will find that many of the people out there selling systems don't actually trade in the markets. They are Direct Marketing specialists who make their living from publishing. If a system vendor is using pictures of beaches and boats to sell their material, then they are probably not a trader.........they are selling a lifestyle and a dream.

Trading is not a lifestyle - it is a business, and any business requires hard work and graft for it to be successful.........trading is no exception.

If you are looking for an out-of-the-box trading system that requires no trading skills, then I suggest you should take a step back and seriously look at why you want to get into trading in the first place. A black-box system will just give you trading signals - but how much faith would you have in those signals if you know nothing about trading?

If you are going to trade, you need to LEARN how to trade. You need to ask yourself if you are willing to put in the hard work to learn about a difficult but potentially rewarding business.


Thanks

Damian

 

[Pat494]

There is a 95% failure rate but if you've been around this site I guess you know that already - must be keen !!
P.S. if you have a beautiful blonde sister - send her over - I will teach her all I know and something about trading too
PPS If she looks and sings like the Abba girls I'll be on the next flight over - YEEEEEEEEEHAH
:cheesy: LOL

 

[yacarob1]

I've been trying to get capital and guts up to get into trading for a while

You don't need guts.

You need common sense, prudence and patience whilst learning the business.

As the process may take a number of years, prudence needs to be applied in the sense of trading small and gradually building up size.

Patience needs to be applied because you may not see regular profits and a self supporting income for quite some time.

 

[allinger]

Thanks everyone!

your posts has verified my suspicions - I'll put the cash in the trading account instead...

And Pat494 - the Swedish Bikini Team just migrated into the Swedish Trading Team. I'm long they're going to be a big hit in the LIFFE pit... If you want dibs I can arrange futures...